 Custodial account

A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary.Custodial accounts come in a number of forms, one being an account set up for a minor, since the minor is under the legal age of majority.